Angop - Agência de Notícias Angola Press

Angola envisages increase of fuel storage in 2022

Fri, 08 Nov 2019 10:58 - Economy

Luanda - Angola is planning to increase in more that 50 per cent its storage capacity for crude-oil byproducts as from the year 2022.

  • C.E.O of SONANGOL, Sebastião Pai Querido, and UAE Sheikh Ahmed Dalmook Al Maktoum (l).

In 2018, the Crude-oil Byproducts Regulatory Institute (IRDP) reported that half of the 700,000 cubic meters of oil products available in Angola were stored in floating reservoirs rather than onshore stocks.

To this end, a memorandum of understanding was signed last Thursday, in Luanda, between Angola and the United Arab Emirates (UAE), which foresees the conclusion, in the next three years (2020, 2021 and 2022), of the first phase of the construction of the fuel tank in Barra do Dande locality, northern Bengo Province.

With an onshore storage capacity of 641,500 cubic meters, the reservoir is valued at USD 600 million.

The construction of this logistical base for the storage of petrol, diesel, get, among other oil byproducts began in 2014, having stalled in 2016 due to the economic crisis.

The memorandum was signed by the C.E.O of the oil company Sonangol, Sebastião Pai Querido, and the United Arab Emirates (UAE) Sheikh Ahmed Dalmook Al Maktoum.

Speaking to the press, on the sidelines of the act, the director of Barra do Dande Ocean Terminal, Mauro Graça, said that the work is 20% done.

He announced that the works will resume in the first half of 2020 and it is planned the building of 29 storage tanks in the first phase.

In the Barra do Dande Ocean Terminal project, Sonangol has a 50 percent stake, equal to its partner.

Mauro Graça explained that, at this point, a more detailed analysis of the project will be mde and procedures will be defined to make it sustainable, both for the State and the shareholders, added the engineer.

Regarding the benefits to the country, he clarified that the partnership will improve national energy sustainability, eliminate offshore fuel storage, becoming onshore and safer and less risky fuel handling and logistics.

With fuel refining projects underway in the country, the Barra do Dande Ocean Terminal will help fuel exports to the region, as well as to other parts of the world, said the official.

For the second phase of the project, with no start date yet, it is included an additional storage facility installation of 1.7 million cubic meters.